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20120926
20121004
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this month, a crisis that started out on wall street almost brought down our entire economy. the nation's biggest banks were days away from failing. the stock market -- and millions of american retirement accounts -- were in free-fall. credit froze. lending stopped. and businesses large and small didn't even know if they'd be able to make payroll. it was a moment the likes of which few americans had ever seen. today, we know the biggest cause of that crisis was reckless behavior in the housing market. millions of americans who did the right and responsible thing -- who shopped for a home, secured a mortgage they could afford, and made their payments on time -- were badly hurt by the irresponsible actions of others. by lenders who sold loans to families who couldn't afford them -- and buyers who knew they couldn't afford them. by speculators who were looking to make a quick buck. and by banks that packaged and sold those risky mortgages for phony profits. when the party stopped, and the housing bubble burst, it pushed our entire economy into a historic recession -- and left middle-class
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